Treasury Releases Long-Overdue Report On Supporting Organizations And Donor Advised Funds

Along with making significant changes to the rules for supporting organizations ("SOs") and donor advised funds ("DAFs") in the Pension Protection Act of 2006 (the "PPA"), Congress directed that Treasury conduct a study on the organization and operation of SOs and DAFs. Congress gave Treasury one year after the enactment of the PPA to submit a report on the study. On December 5th, more than four years past the prescribed deadline, Treasury finally released its long-awaited report to Congress. The report suggests that the current treatment of SOs and DAFs is appropriate and did not recommend any changes. While the report comes as good news to SOs and DAFs, some aren't so keen. Senator Chuck Grassley (R–Iowa), denounced the study as disappointing, superficial, and a missed opportunity to "advance the ball in closing abusive loopholes." For more, see his press release. Interested in whether SOs and DAFs should continue to be treated similarly to public charities, Congress